House Building Finance Corporation Limited (HBFC) recovered Rs 3.527 billion as against a target of Rs 3.317 billion for the year 2009. The Rs 3.527 billion recovery of loans is 9.5 percent and 8.4 percent higher then the recovery made by HBFC in 2008 and 2007 respectively.
This landmark achievement for 2009 is in spite of difficult economic and other prevailing conditions in the country and is attributed to the ongoing reforms initiated by HBFC in 2009. HBFC CEO and Managing Director, S Azhar Jaffri said that his team has initiated a number of new initiatives to restore HBFC's health, which serves the needs of the low and medium income class.
"The cumulative cash recoveries as compared to the previous two years, he said, have helped in reducing the size of non-performing loans (NPL's) portfolio of the corporation." It may be mentioned here that timely recovery of loans is directly linked to HBFC's ability to give fresh housing loans to the low and middle income borrowers - the segment of population it caters.-PR